Suncoast Credit Union Mortgage Review

Originally founded in 1934 as a credit union for teachers in Hillsborough County, Suncoast Credit Union has since expanded its territory and membership eligibility requirements while remaining a regional lender. Headquartered in the city of Tampa, Suncoast is now the largest credit union in Florida and provides mortgages to its many members in the Sunshine State.

Suncoast Credit Union History

Suncoast began as the Hillsborough County Teachers Credit Union, a small organization founded by a handful of local educators in 1934. Membership was extended to teachers in five other nearby counties in 1953. By 1959, the credit union had expanded to four more counties, and membership had been opened up to all school employees.

In 1975, the name of the organization was changed to Suncoast Schools Credit Union to reflect these changes. Suncoast received a federal charter and a corresponding name change in 1978.

Suncoast Credit Union continues to hold its position as the largest credit union headquartered in Florida, demonstrating its commitment to serving its members and communities. As of 2023, the credit union boasts over $17.1 billion in assets and serves more than 1.17 million members.

This growth reflects the credit union’s dedication to providing comprehensive financial solutions, fostering strong member relationships, and actively engaging with the communities it serves.

Despite its considerable growth and expansion, Suncoast remains headquartered in Tampa and is highly regional in its scope, offering membership to immediate family members of current members, and alumni of Florida College.

Applicants can speak with a loan officer over the phone or in person at one of the credit union’s many branches. Potential borrowers can also receive a free online quote, and for a $20 credit report fee, complete an online mortgage application.

Suncoast provides 3/3, 5/5, and 7/1 adjustable-rate mortgages, as well as a special 10/1 ARM for first-time homebuyers. The lender also offers 10, 15, 20, and 30-year fixed-rate mortgages for both conventional and jumbo loans.

Certain individuals, such as educators and firefighters, can qualify for a Suncoast Community Heroes Mortgage, which features up to 100 percent financing and no down payment, origination fee, or Private Mortgage Insurance (PMI) requirement.

Suncoast Credit Union Mortgage Rates

Suncoast Credit Union Mortgage Options

Suncoast Credit Union does not offer FHA, VA, or USDA loans, but does extend a comprehensive selection of conventional and jumbo loans with fixed and adjustable rates.

Suncoast Fixed-Rate Mortgage Loans

Ideal for borrowers who want steady monthly payments over an extended period, fixed-rate mortgages come with a set interest rate and a monthly principal that remains the same over the life of the loan. Suncoast Credit Union offers 10-, 15-, 20- and 30-year fixed-rate mortgages, giving borrowers the ability to pay off the loan over a period of 10 to 30 years.

Also available to qualifying school employees, military members, veterans, law enforcement, firefighters, paramedics, and nurses are Suncoast Community Heroes fixed-rate mortgages. These mortgages feature the same fixed-rate lengths and rates but require no origination fee, no down payment, no Private Mortgage Insurance, and up to 100 percent financing.

Suncoast Adjustable-Rate Mortgage Loans

Borrowers who can afford to pay off a loan relatively quickly or expect to relocate or refinance before the end of the loan may prefer an adjustable-rate mortgage. ARMs carry a lower initial interest rate at the beginning of the loan term which remains fixed for a certain number of years, but then begin adjusting periodically to match prevailing interest rates.

Suncoast Credit Union offers a 3/3 ARM, which remains fixed for the first three years and then adjusts every three years after that, a 5/5 ARM, which remains fixed for five and adjusts every five, and 7/1 and 10/1 ARMs, which are fixed for the first seven or ten years of the loan, respectively, and then adjust annually.

The Suncoast Community Heroes mortgage is available with 3/3 and 7/1 ARMs, and certain borrowers could be eligible for a First Time Homebuyer 10/1 ARM. All Suncoast ARMs are based on a 30-year term.

Suncoast Jumbo Loans

For 2024, Fannie Mae and Freddie Mac set the limit on the maximum value that can be assigned to a conventional loan at $766,550. Any loan which exceeds that amount is classified as a jumbo loan. Suncoast Credit Union offers 10-, 15-, 20-, and 30-year jumbo fixed-rate mortgages. Jumbo loans are usually required for large or especially pricey homes.

Suncoast Credit Union Mortgage Options Overview

Mortgage Type	Description
Fixed-Rate Mortgages	• Steady, Predictable Payments Over 10-30 Years • Community Heroes Option Available for Qualifying Professionals With No Fees, No Down Payment, and Up to 100% Financing
Adjustable-Rate Mortgages (ARMs)	• Lower Initial Rates With Adjustment Periods of 3/3, 5/5, 7/1, and 10/1 • Community Heroes & First Time Homebuyer Options Available
Jumbo Loans	• For High-Value Properties Exceeding Conventional Loan Limits • Fixed-Rate Jumbo Loans Spanning 10 to 30 Years

Suncoast Credit Union Customer Service

Suncoast Credit Union primarily originates mortgages in the state of Florida. However, the lender is also able to offer its 3/3, 5/5, and 7/1 adjustable-rate mortgages in Georgia, Alabama, Mississippi, North Carolina, South Carolina, Virginia, and Tennessee. The first-time homebuyer 10/1 adjustable-rate mortgage is the only ARM product exclusive to Florida.

Potential borrowers can receive a free online quote from Suncoast without having to provide their Social Security Number. However, to complete an online application, both a Social Security Number and a $20 credit report fee are required.

Suncoast’s website is relatively easy to navigate and includes helpful descriptions of each loan type offered, a display of current home loan rates, an ARM versus fixed-rate mortgage calculator, and information on the mortgage process for first-time homebuyers.

Suncoast Credit Union was not one of the lenders ranked in the most recent J.D. Power U.S. Primary Mortgage Origination Satisfaction Study.

Suncoast Credit Union Lender Grades

Suncoast Credit Union Bank is not accredited by the Better Business Bureau. Suncoast’s Bankrate Score is 3.9 out of 5 stars.

• Information was collected in September 2023.

Suncoast Credit Union Mortgage Qualifications

Loan Type	Down Payment Requirement	Minimum Credit Score	Debt-to-Income Requirement	Can you use gift funds or down payment assistance programs to make a down payment?
Fixed-Rate Loans	5 to 20 percent	No	45 to 50 percent	Yes
Adjustable-Rate Loans	5 to 20 percent	No	45 percent	Yes
Jumbo Loans	5 to 20 percent	No	45 percent	Yes

Down payment requirements also vary depending on circumstance, but typically fall between 5 and 20 percent, while a debt-to-income ratio of less than 45 percent is needed for most loans. Suncoast Credit Union is relatively flexible when it comes to approving loan applications.

This lender has no minimum credit score requirements, preferring instead to examine an applicant’s creditworthiness, and occasionally considers non-traditional credit history, depending on the underwriters for a particular loan product.

Suncoast also accepts gift funds and works with some down payment assistance programs.

Suncoast Credit Union Phone Number & Additional Details

• Homepage URL: https://www.suncoastcreditunion.com//
• Company Phone: 1-800-999-5887
• Headquarters Address: P.O. Box 11904 Tampa, FL 33680

The Bottom Line – Suncoast Credit Union Mortgage Review

Suncoast Credit Union, originally founded as a credit union for teachers in 1934, has grown into Florida’s largest credit union, boasting over $17.1 billion in assets and serving more than 1.17 million members. With a focus on the Sunshine State, Suncoast provides a variety of mortgage options, including fixed-rate and adjustable-rate mortgages. Prospective borrowers can benefit from flexible qualifications and no minimum credit score requirements. While Suncoast offers a user-friendly online experience, it’s important to note that it was not ranked in the most recent J.D. Power U.S. Primary Mortgage Origination Satisfaction Study. However, its commitment to serving its community and professionals remains evident.

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